Home price trends in Portland, Ore.

Northwest cities such as gorgeous Portland joined in at the end of the bubble and are now seeing the market correct itself. “Part of that was overflow from California, especially in some of the Oregon markets,” says Celia Chen, senior director of housing market research at Moody’s Economy.com. “Some of the investors moved north when they couldn’t afford to buy stuff in California.” Price declines will continue, as home prices are 44 percent above equilibrium, according to Local Market Monitor.

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